15 Jul 2013
GBP/USD consolidates around 1.5100
FXstreet.com (Córdoba) - The GBP/USD managed to erase its European session losses as the greenback weakened on the back of disappointing US retail sales.
GBP/USD supported by 100-hour SMA
GBP/USD bounced from the 1.5025 zone, where the 100-hour SMA offered firm support, climbing back to the 1.5115 area before losing momentum. The pair has spent the last hours consolidating in a tight range around 1.5100, unable to set a fresh direction in the absence of economic news.
At time of writing, GBP/USD is trading at the 1.5110 area, where it is virtually unchanged since opening. From a technical perspective, "Steady gains above 1.5130 should favor an advance towards 1.5200 area, although renewed selling pressure below 1.5050 should expose the pair towards the 1.4970 price zone", says Valeria Bednarik, chief analyst at FXstreet.com.
GBP/USD supported by 100-hour SMA
GBP/USD bounced from the 1.5025 zone, where the 100-hour SMA offered firm support, climbing back to the 1.5115 area before losing momentum. The pair has spent the last hours consolidating in a tight range around 1.5100, unable to set a fresh direction in the absence of economic news.
At time of writing, GBP/USD is trading at the 1.5110 area, where it is virtually unchanged since opening. From a technical perspective, "Steady gains above 1.5130 should favor an advance towards 1.5200 area, although renewed selling pressure below 1.5050 should expose the pair towards the 1.4970 price zone", says Valeria Bednarik, chief analyst at FXstreet.com.